Contributions to the International Conference "Perspectives of Business Law in the Third Millennium</I>, November 2, 2012, Bucharest
Edited By Catalin-Silviu Sararu
RECENT DEVELOPMENTS AND PERSPECTIVES IN THE REGULATION OF INTERNATIONNAL BUSINESS LAW
Considerations on the Need to Develop a Common Law on International Bankruptcy Assistant professor Luiza Cristina GAVRILESCU1 Abstract The need to harmonise the rules on insolvency has become prominent because bankruptcy procedure, as a legal institution, is mandatorily circumscribed to the procedural rules of the forum, which excludes the applicability of foreign rules; the application of foreign laws in resolving legal relations with a foreign element on insolvency was only allowed as an excep- tion. Substantially different rules developed at national level for resolving insolvency proce- dure may impede the recovery of sustainable enterprises and thus may adversely affect the entire international competition framework. In doctrine, there were considered to be certain common principles of substantive law of insolvency, which would result from detailed analy- sis of the national laws. The contribution of international instruments seems significant in this regard. Taken together, the provisions of the abovementioned international instruments form a model for resolving the conflicts raised by international bankruptcy, through a combination of the main proceeding and secondary proceedings. Nevertheless, common law is not a set of predetermined rules with a firm content: it is the result of a work of interpretation, a result which, in turn, can become a useful tool for new interpretations. Jus commune is the expres- sion of the goal to achieve harmonisation; a uniformisation that will respect differences and the values they represent. Keywords: common law; harmonisation of rules; insolvency law; unified principles Currently, companies tend to become multinational to benefit from the global...
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